“Connection”: Bitcoin “divided into two” after the situation


nnnThe advent of Bitcoin Cash should be the most heavy news of the recent digital money sector. This article summarizes the views of some industry insiders after the bunker’s coin bifurcation, and explores its future development. While supporters of the original Bitcoin boycott Bitcoin Cash, the threat is greater than the benefits, but the scholars believe that it appears to be justified. At the same time, Bitcoin Cash developers believe that regardless of whether it is the last success, will be to a certain extent, the user benefit.n
nnTranslated by: Inan
nImagine you log in to your check account and find out another account, and there are the same number of new currencies, which are exactly what the holders of the digital currency bitmaps are experiencing.n
nOn August 1, a new digital currency called Bitcoin Cash has emerged that is separated from its bit by “hard bifurcation”. The team of the project said that it would only limit the development of Bitcoin’s resistance to change.n
nAlthough the debate about the future of Bitcoin has been going on for two years, the emergence of Bitcoin Cash is still very shocking. The value of Bitcoin has reached $ 47 billion, but it is still a niche product. Supporters of the new currency say that if Bitcoin really wants to change the way the world uses money, then this step is necessary.n
nBitcoin Cash’s confusing origins and names may make it harder to be accepted by more people. Pantera Capital is investing in foreign currency and digital currency companies venture capital firm, its founder and chief executive officer Dan Morehead said:n
nn”Bitco is too famous, and now it is divided into different kinds, which will make the regulators and consumers confused.” Morehead said he was neutral on this issue, “it just sounds not good; we have not Habit is divided into two currencies.n
nnTo make this situation more confusing, not every person holding a bit coin will receive Bitcoin Cash immediately on August 1. Some well-known Bitcover storage services companies say they will not recognize new currencies, and if customers want to buy them, they will have to move their business.n
nBitcoin was created by a bitter (or a number of) coders known as Zhongcong, who released software that supported the currency in 2009. It relies on computer networks that are linked through the Internet, which processes and records all transactions in a digital book called a block chain. A computer called a “miner” updates a book by adding a “block” that makes up the block chain when a new transaction occurs. Its supporters say the system creates a trustworthy currency – free from political oversight and is capable of faster and more cost-effective transactions than traditional currencies.n
nThe debate between Bitcoin supporters arises from its differing views on the capacity of Block Chains designed by Zhong Ben Cong and how to deal with it. Bitcoin network can only handle about seven transactions per second, while traditional financial networks (such as Visa) can handle thousands of transactions per second.n
nBitcoin Cash is a variant of Bitcoin design, with larger blocks that can be used for more transactions at specific times. Its supporters say their projects are necessary because it is not enough to expand the capacity of Bitcoels alone. Former book engineer Amaury Séchet developed the code for the emergence of Bitcoin Cash, he said:n
nn”In view of the current situation, everyone’s differences can not be reconciled, bifurcation is inevitable.”n
nnThe owner of the pre-bifurcated bitmember is recorded as having an encrypted currency on both block chains. Some Bitcoin exchanges said they would support Bitcoin Cash and hold the customer account for this new currency, but some would not.n
nThe value of Bitcoin Cash and its impact on the digital money sector depends on the number of investors and users moving from traditional Bitcoin to this new currency. Later in the day, a futures market marked the price of a Bitcoin Cash at $ 300, which is about one-tenth of the price of a bit.n
nEmin Gün Sirer, an associate professor of research on Bitcoar Research at Cornell University, said Bitcoin Cash’s adjustment to Zhong Ben’s original works helped to solve the problem of currency capacity. “It is up to us that the appearance of this situation is justified.” But more important and tricky is whether there are enough people to use and invest in Bitcoin Cash to make it develop. Sirer said:n

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